Dow futures muted on Thursday: 5 things to know before market opens

Market Overview - US stock futures are trading muted, with Dow futures down by 21 points or 0.1%, while S&P 500 and Nasdaq 100 futures slipped 0.1% and 0.2% respectively, following a new low for the Dow Jones index in 2026 [1][2] Oil Market Impact - Oil prices surged nearly 8%, with Brent crude trading over $114 per barrel and US WTI around $97 per barrel, following Iranian missile strikes on Ras Laffan, which halted operations at a facility responsible for about 20% of global LNG supply [3][4] - The disruption in LNG supply led to a more than 35% increase in European gas prices, contributing to volatility in energy markets [4] Federal Reserve Actions - The Federal Reserve held interest rates steady on March 18, maintaining the benchmark federal funds rate in the 3.5%–3.75% range, with a 10-2 vote in favor of this decision [4][5] - The Fed revised its inflation outlook upward, projecting a preferred gauge at 2.7% by the end of 2026, and indicated only one rate cut for the year in the updated dot plot [5] Company-Specific Developments - Micron experienced a sharp sell-off, down over 6% in pre-market trading despite beating Wall Street estimates and posting record revenue, as the company announced an increase in its 2026 capital spending plan [7] - Alibaba reported a revenue of 284.8 billion yuan for the December quarter, missing estimates, with net income plunging 66% year-over-year, indicating significant investment in AI at the expense of near-term profitability [8] Global Market Sentiment - Investor sentiment turned negative globally, with European markets dropping more than 2% amid escalating conflict in Iran, and tech stocks in Asia, including SK Hynix and Samsung Electronics, also saw declines of 2.23% and 1.8% respectively [9]